Bally's Offers Locals Stake In Possible New York City CasinoResidents Near The Location Of The Proposed Bronx Casino Can Purchase Up To 10% Of The Property |
|
As the New York City casino license bidding process continues, potential bid winners have come up with some interesting proposals to attract interest from the the New York State Gaming Commission.
The latest effort sees Bally’s offering residents the opportunity to buy shares in the company’s planned Bronx casino.
The company’s proposal would build a casino adjacent to the Ferry Point golf course. The waterfront property would feature a 500,000-square-foot casino, 500-room hotel, spa, meeting space, a 2,000-seat event center, shopping, and more. The company plans to allow residents to also purchase shares – up to 10% of the project.
In other words, local residents could invest in the success of their local casino for as little as $250. The more successful the casino is, the larger return for the local community investors. Bally’s is also building a casino in Chicago and using a similar plan.
Lawmakers haven’t passed any legislation to regulate New York online casinos, but that will likely come once the casino licenses are awarded.
The state’s regulators plan to award three downstate casino licenses. The two downstate racinos in Yonkers and Queens appear to be favorites for two-thirds of the available licenses. But the last is still up for grabs.
Mets owner Steve Cohen wants one of those licenses awarded to the casino project adjacent to his team’s home ballpark, Citi Field.
Bally’s move comes just a few days after the city" approved a zoning change":https://www.cardplayer.com/poker-news/29938-nyc-council-approves-zoning-change-for-citi-field-casino that would allow for a casino next to Citi Field.
Obstacles Remain
Beyond the investment plans, hurdles still remain to see the plan come to fruition. Several other companies are also in the bidding and the gaming commission is expected to award the licenses by the end of this year.
Bally’s will also need a change in zoning by the state legislature for the parkland where the casino is planned, known as an alienation bill.
“If we can’t get alienation done, we can’t get a casino license,” Bally’s Corp chairman Soo Kim told the New York Post.
That may come with a short timetable as the gaming commission is expected to formally accept bids this summer.
Bally’s has promised not only to build a casino complex, but also to spend on community projects and programs. Bally’s has earmarked 1% of gross revenues from the casino to programs in the Bronx – estimated to be more than $10 million per year. That is expected to include PTAs, community housing, substance abuse, and other programs, all overseen by a community board.
Almost a dozen companies are in the running for a casino and have announced their plans over the last few years. In addition to Mets owner Steve Cohen, the Chickasaw Nation, Legends (a joint venture of the Dallas Cowboys and New York Yankees), Thor Equities, and Saratoga Casino Holdings proposed a casino at Coney Island.
Photo courtesy of Shutterstock
Copyright © 2001-2025
CardPlayer.com. All rights reserved.
